Monday, June 27, 2022

Cannabis Science Inc (OTCMKTS:CBIS) Challenges Chart Support

Cannabis Science Inc (OTCMKTS:CBIS) continues to draw a ton of trading attention, carting around its 2 billion share float and frequent press coverage. Cannabis Science stock has faltered a bit in recent action, dipping sharply on Friday as recent range support broke to the downside. That said, over the past two months, few stocks in the space have fared much better.

The company just put out some updates on the proposed self-medicating DPI Inhalation Device for Asthma/COPD and their Cannabinoid infused pain patch. According to the release, the company is working on the final packaging for the Cannabinoid-based Pain Patches and “will roll out to partner dispensaries in the Los Angeles area very soon, joining the existing Cannabis Science product line.”

Cannabis Science Inc (OTCMKTS:CBIS) frames itself as a company that develops, produces, and commercializes phyto cannabinoid-based pharmaceutical products primarily in the United States. The company is involved in developing medicines for autism, blood pressure, cancer and cancer side effects, as well as for other illnesses comprising for general health maintenance. It also develops CS-TATI-1 for newly diagnosed and treatment-experienced patients with drug-resistant HIV strains, as well as those intolerant of available therapies; CS-S/BCC-1 to treat basal and squamous cell carcinomas; and a proprietary cannabis-based therapy for neurological conditions.

Cannabis Science Inc also has collaboration with IGXBio, Inc. to develop GenePro, a DNA-based immunotherapeutic drug.

In addition, the company offers an online video-based medical cannabis education system, including courses, such as medical cannabis law, medical marijuana, cooking, horticulture, and bud tending; and manufactures and distributes specialty horse and pet grooming and topical applications. It has a license agreement with Apothecary Genetics Investments LLC to produce various brand formulations for California medical cannabis market.

Cannabis Science, Inc. is based in Colorado Springs, Colorado. Cannabis Science Inc is a subsidiary of Weedmaps Media, Inc.

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As noted above, the company updated its inhaler and patch R&D and go-to-market programs late last week. According to the release, the MDI Inhaler is one of the first medical based Cannabinoid inhalers to hit the market, and the wide range of other cannabinoid products being systematically released by the company is showing a very high market acceptance and brand equity growth.

The company notes that “Local and nationwide dispensaries are expressing interest in carrying Cannabis Science’s new products, and new relationships are being built while the existing ones are being strengthened. This is one of the best growth signs any Company could ask for its Cannabinoid medical based products.”

CBIS also noted that the patch is set for distribution. As mentioned above, they are final prep staging and “will roll out to partner dispensaries in the Los Angeles area very soon”. That would be, interestingly, the first move back toward top-line growth for the company in several quarters.

Amid this core product update, Cannabis Science also took time to make a political effort:

“Cannabis Science would also like to acknowledge President Donald J. Trump for his support and recognition of the benefits of Medical Cannabis; it is a welcomed message for Cannabis Science to see the President is supportive of Medical Cannabis and we believe this will strengthen the Medical Cannabis initiative across this great nation and will give even more states the desire to employ Cannabinoids into the arsenal to fight disease,” stated CEO Mr. Raymond C. Dabney.

We have begun to see more and more of this type of rhetoric, in one form or another, suggesting a growing awareness of the interaction between Federal and State attitudes where cannabis-related legislation is concerned over coming years.

We’ve witnessed about -10% taken out of shares of Cannabis Science stock over the past week. Furthermore, the company has witnessed a pop in interest, as transaction volume levels have recently pushed 46% over the long run average as interest in the space continues to pick up.

Currently trading at a market capitalization of $235.4M, Cannabis Science has virtually no cash on the books, which stands against about $2.1M in total current liabilities. One should also note that debt has been growing over recent quarters. CBIS is pulling in nominal trailing 12-month revenues ($49K), and those are falling on a quarterly y/y basis (-34.1%). As more color becomes clear on the name, we will review the situation and update our take. For continuing coverage on shares of Cannabis Science stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!

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